Henderson Land (“Land”) and Henderson Investment (“Investment”) are both actively developing real estate assets in the People’s Republic of China (“PRC”). In addition, the Henderson entities control a substantial amount of earnings assets – both real estate and non-real estate – in Hong Kong and the PRC. Investment Common, which is 67.94% owned by Henderson Land, seems to be an attractive pre-arbitrage opportunity in that there may be possibilities that Henderson Land, for the third time since 2002, will try to privatize Investment by making it a wholly owned subsidiary of Land.
Meanwhile, both Land Common and Investment Common appear to be issues of very high quality companies, which the Fund seems to be acquiring at meaningful discounts from readily ascertainable Net Asset Values (“NAVs”).
Meanwhile, both Land Common and Investment Common appear to be issues of very high quality companies, which the Fund seems to be acquiring at meaningful discounts from readily ascertainable Net Asset Values (“NAVs”).
